Danaos Corporation Reports Results for the Fourth Quarter and Year Ended December 31, 2023
- None.
- None.
Insights
The financial results of Danaos Corporation, a leading independent owner of containerships, show a mixed picture. The decrease in operating revenues by 1.3% year-over-year in Q4 2023, from $252.5 million to $249.3 million, is a point of concern. This could be attributed to the competitive nature of the shipping industry and potential rate pressures. However, the company's net income remains robust at $149.9 million for the quarter, albeit a slight decrease from $152.7 million in the previous year. The earnings per share (EPS), both basic and diluted, have shown resilience, remaining stable year-over-year, which indicates effective cost management and operational efficiency.
From a liquidity perspective, Danaos exhibits a strong position with $271.8 million in cash and cash equivalents and an undrawn revolving credit facility of $337.5 million, totaling $609.3 million in available liquidity. This is a slight decrease from the previous year's $650.2 million but still represents a solid buffer for operational needs and strategic investments. The reduction in net debt from $243.3 million to $138.7 million and the improvement in the net debt to LTM Adjusted EBITDA ratio from 0.29x to 0.20x is particularly noteworthy, indicating a strong deleveraging effort that enhances the company's financial stability and may be favorably viewed by investors and credit agencies.
The shipping industry is undergoing a period of significant change, driven by geopolitical events and environmental regulations. Danaos' strategy of diversifying into the dry bulk segment with the acquisition of Capesize bulk carriers is a response to the healthy dry bulk market and seasonal strength due to increased Brazilian iron ore exports, elevated coal trade and global recovery in minor bulks. This diversification helps mitigate risks associated with the volatility of the container segment and capitalizes on the current market dynamics.
The company's investment in new eco-friendly vessels that are methanol fuel ready and comply with the latest International Maritime Organization standards indicates a forward-looking approach to environmental sustainability and regulatory compliance. This is likely to provide a competitive edge as the industry shifts towards greener operations. The high demand for shipyard delivery slots and Danaos' significant order book, with 12 container vessels under construction, reflect both the industry's push for modernization and the company's growth-oriented strategy.
Moreover, Danaos' ability to secure additional charters at healthy levels, with a contracted revenue backlog of $2.3 billion and a high percentage of contracted charter coverage for the next two years, provides revenue visibility and stability. This, combined with their commitment to shareholder returns through dividends and share repurchases, positions the company favorably in the eyes of current and potential investors.
The impact of geopolitical tensions on global shipping routes, particularly the rerouting of vessels due to conflicts in the Middle East, has led to an increase in ton mile demand and a subsequent spike in box rates. This phenomenon has created a temporary capacity shortage, driving rates up by as much as 300%. While this has benefited Danaos in the short term, the sustainability of such elevated box rates is uncertain and depends on the duration of the disruptions.
The Chinese government's stimulus measures aimed at supporting construction and infrastructure projects are expected to sustain demand in the dry bulk sector. However, it's important to note the potential risks associated with reliance on such measures, as any shift in policy or economic downturn could affect the dry bulk market. Danaos' proactive approach in exploring opportunities in the dry bulk sector and their strategic acquisitions are aligned with current market trends, but it's essential to remain vigilant of the economic indicators that could signal changes in the market.
Lastly, the declared dividend of $0.80 per share for Q4 2023 signals confidence in the company's financial health and a commitment to shareholder value. This action, coupled with the share repurchase program, may be perceived positively in the stock market, potentially impacting the company's stock performance favorably.
Highlights for the Fourth Quarter and Year Ended December 31, 2023:
Financial Summary
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Three Months Ended |
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Three Months Ended |
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December 31, 2023 |
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December 31, 2022 |
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Financial & Operating Metrics |
|
Container
|
|
Dry Bulk
|
|
Other |
|
Total |
|
|
Container
|
|
Dry Bulk
|
|
Other |
|
Total |
Operating Revenues |
|
|
|
|
|
- |
|
|
|
|
|
|
- |
|
- |
|
|
Voyage Expenses, excl. commissions |
|
|
|
|
|
- |
|
|
|
|
|
|
- |
|
- |
|
|
Time Charter Equivalent Revenues (1) |
|
|
|
|
|
- |
|
|
|
|
|
|
- |
|
- |
|
|
Net income / (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
- |
|
|
Adjusted net income / (loss) (2) |
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
- |
|
|
Earnings per share, basic |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share, diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Adjusted earnings per share, diluted (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Days |
|
6,109 |
|
337 |
|
- |
|
|
|
|
6,090 |
|
- |
|
- |
|
|
Time Charter Equivalent $/day (1) |
|
|
|
|
|
- |
|
|
|
|
|
|
- |
|
- |
|
|
Ownership days |
|
6,256 |
|
412 |
|
- |
|
|
|
|
6,424 |
|
- |
|
- |
|
|
Average number of vessels |
|
68.0 |
|
4.5 |
|
- |
|
|
|
|
69.8 |
|
- |
|
- |
|
|
Fleet Utilization |
|
|
|
|
|
- |
|
|
|
|
|
|
- |
|
- |
|
|
Adjusted EBITDA (2) |
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
- |
|
|
Consolidated Balance Sheet & Leverage Metrics |
As of December 31, 2023 |
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As of December 31, 2022 |
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Cash and cash equivalents |
|
|
|
|
|
|
|
|
|
|
|
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||||
Undrawn revolving credit facility |
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|
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337,500 |
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|
|
|
|
|
|
|
382,500 |
||||
Total available liquidity (3) |
|
|
|
609,309 |
|
|
|
|
|
|
|
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650,168 |
||||
Debt, gross of deferred finance costs |
|
|
|
410,516 |
|
|
|
|
|
|
|
|
510,941 |
||||
Net Debt (4) |
|
|
|
138,707 |
|
|
|
|
|
|
|
|
243,273 |
||||
LTM Adjusted EBITDA (5) |
|
|
|
707,002 |
|
|
|
|
|
|
|
|
851,160 |
||||
Net Debt / LTM Adjusted EBITDA |
|
|
|
0.20x |
|
|
|
|
|
|
|
|
0.29x |
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1. |
Time charter equivalent revenues, time charter equivalent US$/day are non-GAAP measures. Refer to the reconciliation provided below. |
|
2. |
Adjusted net income/(loss), adjusted earnings per share and adjusted EBITDA are non-GAAP measures. Refer to the reconciliation of net income to adjusted net income and net income to adjusted EBITDA provided below. |
|
3. |
Total available liquidity is defined as cash and cash equivalents plus undrawn revolving credit facility |
|
4. |
Net Debt is defined as total debt gross of deferred finance costs less cash and cash equivalents |
|
5. |
Last twelve months Adjusted EBITDA |
|
For management purposes, the Company is organized based on operating revenues generated from containership vessels and dry bulk vessels and has two reporting segments: (1) a container vessels segment and (2) a dry bulk vessels segment. The Company measures segment performance based on net income. Items included in the applicable segment’s net income are directly allocated to the extent that the items are directly or indirectly attributable to the segments. With regards to the items that are allocated by indirect calculations, their allocation is commensurate to the utilization of key resources. The Other segment includes components that are not allocated to any of the Company’s reportable segments and includes investments in an affiliate accounted for using the equity method accounting and investments in marketable securities.
Financial Summary
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Year Ended |
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Year Ended |
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December 31, 2023 |
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|
December 31, 2022 |
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Financial & Operating Metrics |
|
Container
|
|
Dry Bulk
|
|
Other |
|
Total |
|
|
Container
|
|
Dry Bulk
|
|
Other |
|
Total |
Operating Revenues |
|
|
|
|
|
- |
|
|
|
|
|
|
- |
|
- |
|
|
Voyage Expenses, excl. commissions |
|
|
|
|
|
- |
|
|
|
|
|
|
- |
|
- |
|
|
Time Charter Equivalent Revenues (1) |
|
|
|
|
|
- |
|
|
|
|
|
|
- |
|
- |
|
|
Net income / (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
Adjusted net income / (loss) (2) |
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
Earnings per share, basic |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share, diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Adjusted earnings per share, diluted (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Days |
|
24,286 |
|
337 |
|
- |
|
|
|
|
25,111 |
|
- |
|
- |
|
|
Time Charter Equivalent $/day (1) |
|
|
|
|
|
- |
|
|
|
|
|
|
- |
|
- |
|
|
Ownership days |
|
24,850 |
|
417 |
|
- |
|
|
|
|
25,807 |
|
- |
|
- |
|
|
Average number of vessels |
|
68.1 |
|
1.1 |
|
- |
|
|
|
|
70.7 |
|
- |
|
- |
|
|
Fleet Utilization |
|
|
|
|
|
- |
|
|
|
|
|
|
- |
|
- |
|
|
Adjusted EBITDA (2) |
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
1. |
Time charter equivalent revenues, time charter equivalent US$/day are non-GAAP measures. Refer to the reconciliation provided below. |
|
| 2. | Adjusted net income/(loss), adjusted earnings per share and adjusted EBITDA are non-GAAP measures. Refer to the reconciliation of net income to adjusted net income and net income to adjusted EBITDA provided below. |
|
- In December 2023, we completed the acquisition of our 7th Capesize bulk carrier. This brings the total aggregate capacity of our Capesize bulk carriers fleet to 1,231,157 DWT as of December 31, 2023. Additionally, in February 2024, we entered into agreements to acquire 2 Capesize bulk carriers that aggregate 354,579 DWT.
- In February 2024 we added two additional 8,258 TEU newbuildings to our orderbook with expected deliveries during the fourth quarter of 2026 and first quarter of 2027, respectively. As a result, we now have 12 container vessels under construction with an aggregate capacity of 91,430 TEU, with expected deliveries of six vessels in 2024, two vessels in 2025, three vessels in 2026 and one vessel in 2027. All our newbuildings are designed with the latest eco characteristics, will be methanol fuel ready, fitted with Alternative Maritime Power Units and will all be built in accordance with the latest requirements of the International Maritime Organization in relation to Tier III emission standards and Energy Efficiency Design Index (EEDI) Phase III.
-
As of the date of this release, Danaos has repurchased a total of 1,597,995 shares of its common stock in the open market for
$99.2 million $100 million $100 million $200 million -
During the last three months we added approximately
$43 million -
As a result, total contracted cash operating revenues, on the basis of concluded charter contracts through the date of this release, are
$2.3 billion -
Contracted operating days charter coverage for our containership fleet is currently
95.8% for 2024 and62.0% for 2025. -
Danaos has declared a dividend of
$0.80
Danaos’ CEO Dr. John Coustas commented:
“Danaos continued to deliver strong results in the fourth quarter of 2023, as geopolitical events continued to impact global shipping markets. Mostly recently, the conflict in the
In the fourth quarter of 2023, Danaos completed delivery of all seven Capesize vessels that we had agreed to acquire earlier in 2023. Subsequent to the end of the year, we entered into agreements to acquire two additional Capesize vessels as we continue to diversify our revenues and look to capture upside from a healthy dry bulk market. The market for Capesize vessels is showing unusual seasonal strength as Brazilian iron ore exports increase, the coal trade remains elevated, and demand for minor bulks like bauxite and agricultural commodities is following a global recovery. Recent stimulus measures in
Danaos has also recently ordered two more 8,258 TEU vessels at Yangzijiang shipyard and we now have a total of four vessels under construction at that shipyard with deliveries scheduled for the second half of 2026 and the first quarter of 2027. All twelve vessels in our newbuilding program are methanol ready and are designed with the latest eco characteristics. Demand for shipyard delivery slots is very high as the industry is quickly moving to reduce carbon emissions by operating green vessels.
As we continue to execute our strategy, we remain focused on taking actions that will ultimately benefit our shareholders. Danaos is well positioned with a very strong balance sheet and significant revenue visibility into 2025. This provides us with the flexibility to return value to our shareholders through dividends and share repurchases and also pursue opportunities to ensure the long-term resilience of the company.”
Three months ended December 31, 2023 compared to the three months ended December 31, 2022
During the three months ended December 31, 2023, Danaos had an average of 68.0 container vessels and 4.5 Capesize bulk carriers compared to 69.8 container vessels during the three months ended December 31, 2022. Our container vessels utilization for the three months ended December 31, 2023 was
Our adjusted net income amounted to
Adjusted net income of our container vessels segment amounted to
Adjusted net loss of our drybulk vessels segment amounted to
Please refer to the Adjusted Net Income reconciliation tables, which appear later in this earnings release.
The
On a non-adjusted basis, our net income amounted to
Operating Revenues
Operating revenues decreased by
Operating revenues of our container vessels segment decreased by
Recently acquired drybulk vessels generated
Operating revenues of container vessels for the three months ended December 31, 2023 reflect:
-
a
$3.6 million -
a
$6.0 million -
a
$6.1 million -
a
$2.1 million
Vessel Operating Expenses
Vessel operating expenses increased by
Depreciation & Amortization
Depreciation & Amortization includes Depreciation and Amortization of Deferred Dry-docking and Special Survey Costs.
Depreciation
Depreciation expense increased by
Amortization of Deferred Dry-docking and Special Survey Costs
Amortization of deferred dry-docking and special survey costs increased by
General and Administrative Expenses
General and administrative expenses increased by
Other Operating Expenses
Other Operating Expenses include Voyage Expenses.
Voyage Expenses
Voyage expenses increased by
Voyage expenses of container vessels segment increased by
Voyage expenses of dry bulk vessels segment were
Gain on sale of vessels
In November 2022, we completed the sale of the container vessels Catherine C and Leo C for net proceeds of
Interest Expense and Interest Income
Interest expense decreased by
-
a
$5.3 million $392.8 million $415.1 million $807.9 million 1.3% as a result of higher interest rates; -
a
$2.4 million -
a
$1.7 million
As of December 31, 2023, our outstanding debt, gross of deferred finance costs, was
Interest income decreased by
Gain on investments
The gain on investments of
Loss on debt extinguishment
The loss on debt extinguishment of
Equity loss on investments
Equity loss on investments amounting to
Other finance expenses
Other finance expenses increased by
Loss on derivatives
Amortization of deferred realized losses on interest rate swaps remained stable at
Other income/(expenses), net
Other expenses, net were
Adjusted EBITDA
Adjusted EBITDA decreased by
Adjusted EBITDA of container vessels segment decreased by
Adjusted EBITDA of dry bulk vessels segment was
Year ended December 31, 2023 compared to the year ended December 31, 2022
During the year ended December 31, 2023, Danaos had an average of 68.1 container vessels and 1.1 Capesize bulk carriers compared to 70.7 container vessels during the year ended December 31, 2022. Our container vessels utilization for the year ended December 31, 2023 was
Our adjusted net income amounted to
Adjusted net income of our container vessels segment amounted to
Adjusted net loss of drybulk vessels segment amounted to
Please refer to the Adjusted Net Income reconciliation tables, which appear later in this earnings release.
The
On a non-adjusted basis, our net income amounted to
Operating Revenues
Operating revenues decreased by
Operating revenues of our container vessels decreased by
Recently acquired drybulk vessels generated
Operating revenues of container vessels for the year ended December 31, 2023 reflect:
-
a
$27.1 million -
a
$35.4 million -
a
$17.8 million -
a
$4.0 million
Vessel Operating Expenses
Vessel operating expenses increased by
Depreciation & Amortization
Depreciation & Amortization includes Depreciation and Amortization of Deferred Dry-docking and Special Survey Costs.
Depreciation
Depreciation expense decreased by
Amortization of Deferred Dry-docking and Special Survey Costs
Amortization of deferred dry-docking and special survey costs increased by
General and Administrative Expenses
General and administrative expenses increased by
Other Operating Expenses
Other Operating Expenses include Voyage Expenses.
Voyage Expenses
Voyage expenses increased by
Voyage expenses of container vessels segment decreased by
Voyage expenses of dry bulk vessels segment were
Gain on sale of vessels
In January 2023, we completed the sale of the Amalia C for net proceeds of
Interest Expense and Interest Income
Interest expense decreased by
-
a
$22.0 million $619.8 million $450.9 million $1,070.7 million 2.5% as a result of higher interest rates; -
a
$12.4 million -
a
$9.3 million -
a
$2.1 million
As of December 31, 2023, our outstanding debt, gross of deferred finance costs, was
Interest income increased by
Gain/(loss) on investments
A
Gain/(loss) on debt extinguishment
A
Equity loss on investments
Equity loss on investments amounting to
Other finance expenses
Other finance expenses increased by
Loss on derivatives
Amortization of deferred realized losses on interest rate swaps remained stable at
Other income/(expenses), net
Other expenses, net were
Income taxes
Income taxes were
Adjusted EBITDA
Adjusted EBITDA decreased by
Adjusted EBITDA of container vessels segment increased by
Adjusted EBITDA of dry bulk vessels segment was
Dividend Payment
Danaos has declared a dividend of
Recent Developments
In February 2024, we entered into contracts for the construction of two 8,258 TEU container vessels with the latest eco design characteristics for an aggregate purchase price of
In February 2024, we entered into agreements to acquire two Capesize bulk carriers built in 2010 and 2011, respectively for an aggregate purchase price of
Conference Call and Webcast
On Wednesday, February 14, 2024 at 9:00 A.M. ET, the Company's management will host a conference call to discuss the results.
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 844 802 2437 (US Toll Free Dial In), 0800 279 9489 (
A telephonic replay of the conference call will be available until February 21, 2024 by dialing 1 877 344 7529 (US Toll Free Dial In) or 1-412-317-0088 (Standard International Dial In) and using 2838531# as the access code.
Audio Webcast
There will also be a live and then archived webcast of the conference call on the Danaos website (www.danaos.com). Participants of the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
Slide Presentation
A slide presentation regarding the Company and the containership and drybulk industry will also be available on the Danaos website (www.danaos.com).
About Danaos Corporation
Danaos Corporation is one of the largest independent owners of modern, large-size containerships. Our current fleet of 68 containerships aggregating 421,293 TEUs and 12 under construction containerships aggregating 91,430 TEUs ranks Danaos among the largest containership charter owners in the world based on total TEU capacity. Danaos has also recently invested in the dry bulk sector with the acquisition of 7 capesize bulk carriers aggregating 1,231,157 DWT, while we have also agreed to acquire a further 2 capesize bulk carriers aggregating 354,579 DWT. Our fleet is chartered to many of the world's largest liner companies on fixed-rate charters. Our long track record of success is predicated on our efficient and rigorous operational standards and environmental controls. Danaos Corporation's shares trade on the New York Stock Exchange under the symbol "DAC".
Forward-Looking Statements
Matters discussed in this release may constitute forward-looking statements within the meaning of the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions. Although Danaos Corporation believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, Danaos Corporation cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydocking, changes in Danaos Corporation's operating expenses, including bunker prices, drydocking and insurance costs, our ability to operate profitably in the drybulk sector, ability to obtain financing and comply with covenants in our financing arrangements, actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, including the conflict in
Risks and uncertainties are further described in reports filed by Danaos Corporation with the
Visit our website at www.danaos.com
APPENDIX
Container vessels fleet utilization |
||||||||
Vessel Utilization (No. of Days) |
|
Fourth
|
|
Fourth
|
Year |
Year |
||
|
2023 |
2022 |
|
2023 |
|
2022 |
||
Ownership Days |
|
6,256 |
6,424 |
24,850 |
25,807 |
|||
Less Off-hire Days: |
|
|||||||
Scheduled Off-hire Days |
|
(123) |
(311) |
(472) |
(628) |
|||
Other Off-hire Days |
|
(24) |
(23) |
(92) |
(68) |
|||
Operating Days |
|
6,109 |
6,090 |
24,286 |
25,111 |
|||
Vessel Utilization |
|
|
|
|
|
|||
|
|
|||||||
Operating Revenues (in '000s of US$) |
|
|
|
|
|
|||
Less: Voyage Expenses excluding commissions (in '000s of US$) |
|
(437) |
(455) |
(1,662) |
(1,392) |
|||
Time Charter Equivalent Revenues (in '000s of US$) |
|
|
|
|
|
|||
Time Charter Equivalent US$/per day |
|
|
|
|
|
|
||
Drybulk vessels fleet utilization |
||||||||
Vessel Utilization (No. of Days) |
|
Fourth
|
|
Fourth
|
Year |
Year |
||
|
2023 |
2022 |
|
2023 |
|
2022 |
||
Ownership Days |
|
412 |
- |
417 |
- |
|||
Less Off-hire Days: |
|
|||||||
Scheduled Off-hire Days |
|
(75) |
- |
(80) |
- |
|||
Operating Days |
|
337 |
- |
337 |
- |
|||
Vessel Utilization |
|
|
|
|||||
|
|
|||||||
Operating Revenues (in '000s of US$) |
|
|
- |
|
- |
|||
Less: Voyage Expenses excluding commissions (in '000s of US$) |
|
(6,446) |
- |
(6,446) |
- |
|||
Time Charter Equivalent Revenues (in '000s of US$) |
|
|
- |
|
- |
|||
Time Charter Equivalent US$/per day |
|
|
- |
|
- |
|||
Fleet List
The following table describes in detail our container vessels deployment profile as of February 12, 2024:
Vessel Name |
Vessel Size
|
|
Year Built |
|
Expiration of Charter(1) |
|
Hyundai Ambition |
13,100 |
|
2012 |
|
April 2027 |
|
Hyundai Speed |
13,100 |
|
2012 |
|
April 2027 |
|
Hyundai Smart |
13,100 |
|
2012 |
|
June 2027 |
|
Hyundai Respect |
13,100 |
|
2012 |
|
April 2027 |
|
Hyundai Honour |
13,100 |
|
2012 |
|
March 2027 |
|
Express |
10,100 |
|
2011 |
|
April 2027 |
|
Express |
10,100 |
|
2011 |
|
August 2026 |
|
Express |
10,100 |
|
2011 |
|
April 2027 |
|
Le Havre |
9,580 |
|
2006 |
|
June 2028 |
|
Pusan C |
9,580 |
|
2006 |
|
May 2028 |
|
|
9,012 |
|
2009 |
|
January 2028 |
|
C Hamburg |
9,012 |
|
2009 |
|
January 2028 |
|
Niledutch Lion |
8,626 |
|
2008 |
|
May 2026 |
|
Kota Manzanillo |
8,533 |
|
2005 |
|
February 2026 |
|
Belita |
8,533 |
|
2006 |
|
July 2026 |
|
CMA CGM Melisande |
8,530 |
|
2012 |
|
January 2028 |
|
CMA CGM Attila |
8,530 |
|
2011 |
|
May 2027 |
|
CMA CGM Tancredi |
8,530 |
|
2011 |
|
July 2027 |
|
CMA CGM Bianca |
8,530 |
|
2011 |
|
September 2027 |
|
CMA CGM Samson |
8,530 |
|
2011 |
|
November 2027 |
|
America |
8,468 |
|
2004 |
|
April 2028 |
|
|
8,468 |
|
2004 |
|
May 2028 |
|
Kota Santos |
8,463 |
|
2005 |
|
August 2026 |
|
CMA CGM Moliere |
6,500 |
|
2009 |
|
March 2027 |
|
CMA CGM Musset |
6,500 |
|
2010 |
|
September 2025 |
|
CMA CGM Nerval |
6,500 |
|
2010 |
|
November 2025 |
|
CMA CGM Rabelais |
6,500 |
|
2010 |
|
January 2026 |
|
|
6,500 |
|
2010 |
|
April 2026 |
|
YM Mandate |
6,500 |
|
2010 |
|
January 2028 |
|
YM Maturity |
6,500 |
|
2010 |
|
April 2028 |
|
Zim Savannah |
6,402 |
|
2002 |
|
May 2025 |
|
Dimitra C |
6,402 |
|
2002 |
|
February 2025 |
|
Suez Canal |
5,610 |
|
2002 |
|
April 2026 |
|
Kota |
5,544 |
|
2002 |
|
November 2024 |
|
Wide Alpha |
5,466 |
|
2014 |
|
May 2025 |
|
Stephanie C |
5,466 |
|
2014 |
|
June 2025 |
|
Maersk Euphrates |
5,466 |
|
2014 |
|
July 2025 |
|
Wide Hotel |
5,466 |
|
2015 |
|
July 2025 |
|
Wide |
5,466 |
|
2015 |
|
November 2025 |
|
Wide Juliet |
5,466 |
|
2015 |
|
September 2025 |
|
Seattle C |
4,253 |
|
2007 |
|
October 2024 |
|
|
4,253 |
|
2007 |
|
November 2024 |
|
Derby D |
4,253 |
|
2004 |
|
January 2027 |
|
Tongala |
4,253 |
|
2004 |
|
November 2024 |
|
Rio Grande |
4,253 |
|
2008 |
|
November 2024 |
|
Merve A (ex ZIM Sao Paolo) |
4,253 |
|
2008 |
|
September 2025 |
|
|
4,253 |
|
2008 |
|
June 2025 |
|
ZIM |
4,253 |
|
2009 |
|
October 2024 |
|
|
4,253 |
|
2009 |
|
March 2026 |
|
ZIM |
4,253 |
|
2009 |
|
August 2025 |
|
Dimitris C |
3,430 |
|
2001 |
|
November 2025 |
|
Express Black Sea |
3,400 |
|
2011 |
|
January 2025 |
|
Express |
3,400 |
|
2011 |
|
January 2025 |
|
Express |
3,400 |
|
2010 |
|
September 2024 |
|
Express |
3,400 |
|
2010 |
|
June 2025 |
|
Express |
3,400 |
|
2010 |
|
September 2025 |
|
|
3,314 |
|
2004 |
|
May 2024 |
|
|
3,314 |
|
2004 |
|
January 2025 |
|
Zebra |
2,602 |
|
2001 |
|
November 2024 |
|
Artotina |
2,524 |
|
2001 |
|
May 2025 |
|
Advance |
2,200 |
|
1997 |
|
January 2025 |
|
Future |
2,200 |
|
1997 |
|
December 2024 |
|
Sprinter |
2,200 |
|
1997 |
|
December 2024 |
|
Stride |
2,200 |
|
1997 |
|
January 2025 |
|
Progress C |
2,200 |
|
1998 |
|
November 2024 |
|
Bridge |
2,200 |
|
1998 |
|
December 2024 |
|
Highway |
2,200 |
|
1998 |
|
March 2024 |
|
Phoenix D |
2,200 |
|
1997 |
|
March 2025 |
|
|
|
|
|
|
|
|
| (1) Earliest date charters could expire. Some charters include options for the charterer to extend their terms. | ||||||
The following table describes the details of our Capesize drybulk vessels as of February 12, 2024:
|
||||||
Vessel Name |
Capacity
|
Year Built |
|
|||
Achievement |
175,966 |
2011 |
|
|||
Genius |
175,580 |
2012 |
|
|||
Ingenuity |
176,022 |
2011 |
|
|||
Integrity |
175,966 |
2010 |
|
|||
Peace |
175,858 |
2010 |
|
|||
W Trader |
175,879 |
2009 |
|
|||
E Trader |
175,886 |
2009 |
|
|||
Container vessels under construction as of February 12, 2024:
|
||||||
Hull Number |
Vessel Size
|
Expected Delivery Year |
Minimum Charter Duration |
|||
Hull No. C7100-7 |
7,165 |
2024 |
3 Years |
|||
Hull No. C7100-8 |
7,165 |
2024 |
3 Years |
|||
Hull No. HN4009 |
8,010 |
2024 |
3 Years |
|||
Hull No. HN4010 |
8,010 |
2024 |
3 Years |
|||
Hull No. HN4011 |
8,010 |
2024 |
3 Years |
|||
Hull No. HN4012 |
8,010 |
2024 |
3 Years |
|||
Hull No. CV5900-07 |
6,014 |
2024 |
- |
|||
Hull No. CV5900-08 |
6,014 |
2025 |
- |
|||
Hull No. YZJ2023-1556 |
8,258 |
2026 |
- |
|||
Hull No. YZJ2023-1557 |
8,258 |
2026 |
- |
|||
Hull No. YZJ2024-1612 |
8,258 |
2026 |
- |
|||
Hull No. YZJ2024-1613 |
8,258 |
2027 |
- |
|||
DANAOS CORPORATION
|
||||||||
|
Three months
|
|
Three months
|
|
Year ended |
|
Year ended |
|
December 31, |
December 31, |
December 31, |
December 31, |
|||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
OPERATING REVENUES |
|
|
|
|
|
|
|
|
OPERATING EXPENSES |
|
|
|
|
|
|
|
|
Vessel operating expenses |
(40,123) |
|
(40,043) |
|
(162,117) |
|
(158,972) |
|
Depreciation & amortization |
(39,077) |
|
(36,182) |
|
(147,950) |
|
(146,441) |
|
General & administrative |
(22,377) |
|
(14,891) |
|
(43,484) |
|
(36,575) |
|
Other operating expenses |
(15,769) |
|
(8,193) |
|
(41,010) |
|
(35,145) |
|
Gain on sale of vessels |
- |
|
37,225 |
|
1,639 |
|
37,225 |
|
Income From Operations |
131,969 |
|
190,399 |
|
580,661 |
|
653,436 |
|
OTHER INCOME/(EXPENSES) |
|
|
|
|
|
|
|
|
Interest income |
2,723 |
|
3,147 |
|
12,133 |
|
4,591 |
|
Interest expense |
(3,554) |
(12,980) |
(20,463) |
(62,141) |
||||
Gain/(loss) on investments |
20,917 |
- |
18,923 |
(10,987) |
||||
Gain/(loss) on debt extinguishment |
- |
(18,588) |
(2,254) |
4,351 |
||||
Other finance expenses |
(916) |
(494) |
(4,274) |
(1,590) |
||||
Equity loss on investments |
(141) |
|
- |
|
(3,993) |
|
- |
|
Other income/(expenses), net |
(164) |
|
(7,850) |
|
(812) |
|
(6,578) |
|
Realized loss on derivatives |
(913) |
|
(913) |
|
(3,622) |
|
(3,622) |
|
Total Other Income/(Expenses), net |
17,952 |
|
(37,678) |
|
(4,362) |
|
(75,976) |
|
Income Before Income Taxes |
149,921 |
|
152,721 |
|
576,299 |
|
577,460 |
|
Income taxes |
- |
|
- |
|
- |
|
(18,250) |
|
Net Income |
|
|
|
|
|
|
|
|
EARNINGS PER SHARE |
|
|
|
|
|
|
|
|
Basic earnings per share |
|
|
|
|
|
|
|
|
Diluted earnings per share |
|
|
|
|
|
|
|
|
Basic weighted average number of common shares (in thousands of shares) |
19,406 |
|
20,249 |
19,879 |
|
20,482 |
||
Diluted weighted average number of common shares (in thousands of shares) |
19,461 |
|
20,268 |
19,904 |
20,501 |
|||
Non-GAAP Measures1
|
|||||||
|
Three months
|
|
Three months
|
Year ended |
|
Year ended |
|
December 31, |
December 31, |
December 31, |
December 31, |
||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Net income |
|
|
|
|
|
|
|
Change in fair value of investments |
(20,762) |
|
- |
(17,867) |
|
176,386 |
|
(Gain)/loss on debt extinguishment |
- |
|
18,588 |
2,254 |
|
(4,351) |
|
Gain on sale of vessels |
- |
|
(37,225) |
(1,639) |
|
(37,225) |
|
Amortization of financing fees, debt discount & finance fees accrued |
466 |
|
2,127 |
2,201 |
|
11,520 |
|
Stock based compensation |
6,340 |
|
5,440 |
6,340 |
|
5,440 |
|
Adjusted Net Income |
|
|
|
|
|
|
|
Adjusted Earnings Per Share, diluted |
|
|
|
|
|
|
|
Diluted weighted average number of shares (in thousands of shares) |
19,461 |
|
20,268 |
19,904 |
|
20,501 |
|
1 The Company reports its financial results in accordance with
DANAOS CORPORATION
|
|||||
|
|
As of |
|
As of |
|
December 31, |
December 31, |
||||
|
|
2023 |
|
2022 |
|
ASSETS |
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
Cash, cash equivalents and restricted cash |
|
|
|
|
|
Accounts receivable, net |
|
9,931 |
|
5,635 |
|
Other current assets |
|
220,030 |
|
99,218 |
|
|
|
501,770 |
|
372,521 |
|
NON-CURRENT ASSETS |
|
|
|
|
|
Fixed assets, net |
|
2,746,541 |
|
2,721,494 |
|
Advances for vessels under construction |
|
301,916 |
|
190,736 |
|
Deferred charges, net |
|
38,012 |
|
25,554 |
|
Other non-current assets |
|
72,897 |
|
89,923 |
|
|
|
3,159,366 |
|
3,027,707 |
|
TOTAL ASSETS |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
Long-term debt, current portion |
|
|
|
|
|
Long-term leaseback obligations, current portion |
|
- |
|
27,469 |
|
Accounts payable, accrued liabilities & other current liabilities |
|
146,860 |
|
173,438 |
|
|
|
168,160 |
|
228,407 |
|
LONG-TERM LIABILITIES |
|
|
|
|
|
Long-term debt, net |
|
382,874 |
|
402,440 |
|
Long-term leaseback obligations, net |
|
- |
|
44,542 |
|
Other long-term liabilities |
|
93,785 |
|
164,425 |
|
|
|
476,659 |
|
611,407 |
|
|
|
|
|
|
|
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
Common stock |
|
194 |
|
203 |
|
Additional paid-in capital |
|
690,190 |
|
748,109 |
|
Accumulated other comprehensive loss |
|
(75,979) |
|
(74,209) |
|
Retained earnings |
|
2,401,912 |
|
1,886,311 |
|
|
|
3,016,317 |
|
2,560,414 |
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
DANAOS CORPORATION
|
|||||||
|
Three months
|
|
Three months
|
|
Year ended |
|
Year ended |
December 31, |
December 31, |
December 31, |
December 31, |
||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Operating Activities: |
|
|
|
|
|
|
|
Net income |
|
|
|
|
|
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
Depreciation and amortization of right-of-use assets |
33,523 |
|
33,018 |
|
129,287 |
|
134,271 |
Amortization of deferred drydocking & special survey costs, finance cost, debt discount and other finance fees accrued |
6,020 |
|
5,291 |
|
20,864 |
|
23,690 |
Amortization of assumed time charters |
(4,416) |
|
(10,443) |
|
(21,222) |
|
(56,699) |
Prior service cost and periodic cost |
507 |
|
7,846 |
|
1,613 |
|
7,846 |
(Gain)/loss on investments |
(20,762) |
|
- |
|
(17,867) |
|
176,386 |
(Gain)/loss on debt extinguishment |
- |
|
18,588 |
|
2,254 |
|
(4,351) |
Gain on sale of vessels |
- |
|
(37,225) |
|
(1,639) |
|
(37,225) |
Payments for drydocking/special survey |
(9,568) |
|
(13,780) |
|
(31,121) |
|
(29,939) |
Amortization of deferred realized losses on cash flow interest rate swaps |
913 |
|
913 |
|
3,622 |
|
3,622 |
Equity loss on investments |
141 |
|
- |
|
3,993 |
|
- |
Stock based compensation |
12,680 |
|
5,599 |
|
12,680 |
|
5,972 |
Accounts receivable |
(2,580) |
|
(503) |
|
(4,296) |
|
1,483 |
Other assets, current and non-current |
(7,208) |
|
(13,721) |
|
(18,632) |
|
(67,274) |
Accounts payable and accrued liabilities |
7,651 |
|
6,517 |
|
(154) |
|
5,860 |
Other liabilities, current and long-term |
(20,642) |
|
(9,324) |
|
(79,389) |
|
211,889 |
Net Cash provided by Operating Activities |
146,180 |
|
145,497 |
|
576,292 |
|
934,741 |
|
|
|
|
|
|
|
|
Investing Activities: |
|
|
|
|
|
|
|
Vessel additions and advances for vessels under construction |
(139,977) |
|
(104,001) |
|
(268,035) |
|
(199,135) |
Proceeds and advances received from sale of vessels |
- |
116,069 |
3,914 |
|
129,069 |
||
(Purchase)/sale of investments |
- |
|
- |
|
(74,407) |
|
246,638 |
Net Cash provided by/(used in) Investing Activities |
(139,977) |
|
12,068 |
|
(338,528) |
|
176,572 |
|
|
|
|
|
|
|
|
Financing Activities: |
|
|
|
|
|
|
|
Proceeds from long-term debt, net |
- |
|
55,001 |
|
- |
|
182,726 |
Debt repayment |
(6,875) |
|
(491,928) |
|
(27,500) |
|
(892,928) |
Payments of leaseback obligations |
- |
|
(6,680) |
|
(72,925) |
|
(153,546) |
Dividends paid |
(15,533) |
|
(15,185) |
|
(60,696) |
|
(61,483) |
Repurchase of common stock |
(18,276) |
|
- |
|
(70,610) |
|
(28,553) |
Payments of accumulated accrued interest |
- |
|
- |
|
- |
|
(3,373) |
Finance costs |
- |
|
(448) |
|
(1,892) |
|
(16,244) |
Net Cash used in Financing Activities |
(40,684) |
|
(459,240) |
|
(233,623) |
|
(973,401) |
Net increase/(decrease) in cash, cash equivalents and restricted cash |
(34,481) |
|
(301,675) |
|
4,141 |
|
137,912 |
Cash, cash equivalents and restricted cash, beginning of period |
306,290 |
|
569,343 |
|
267,668 |
|
129,756 |
Cash, cash equivalents and restricted cash, end of period |
|
|
|
|
|
|
|
DANAOS CORPORATION
|
|||||||
|
Three months
|
|
Three months
|
|
Year ended |
|
Year ended |
December 31, |
December 31, |
December 31, |
December 31, |
||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Net income |
|
|
|
|
|
|
|
Depreciation and amortization of right-of-use assets |
33,523 |
|
33,018 |
|
129,287 |
|
134,271 |
Amortization of deferred drydocking & special survey costs |
5,554 |
|
3,164 |
|
18,663 |
|
12,170 |
Amortization of assumed time charters |
(4,416) |
|
(10,443) |
|
(21,222) |
|
(56,699) |
Amortization of deferred finance costs, debt discount and commitment fees |
1,171 |
|
2,382 |
|
5,136 |
|
11,775 |
Amortization of deferred realized losses on interest rate swaps |
913 |
|
913 |
|
3,622 |
|
3,622 |
Interest income |
(2,723) |
|
(3,147) |
|
(12,133) |
|
(4,591) |
Interest expense |
3,088 |
|
10,852 |
|
18,262 |
|
50,620 |
Income taxes |
- |
|
- |
|
- |
|
18,250 |
(Gain)/loss on investments and dividend withholding taxes |
(20,762) |
- |
(17,867) |
158,136 |
|||
Gain on sale of vessels |
- |
(37,225) |
(1,639) |
(37,225) |
|||
(Gain)/loss on debt extinguishment |
- |
18,588 |
2,254 |
(4,351) |
|||
Stock based compensation |
6,340 |
|
5,599 |
|
6,340 |
|
5,972 |
Adjusted EBITDA(1) |
|
|
|
|
|
|
|
| 1) |
Adjusted EBITDA represents net income before interest income and expense, taxes other than withholding taxes on dividend, depreciation, amortization of deferred drydocking & special survey costs, amortization of assumed time charters, amortization of deferred finance costs, debt discount and commitment fees, amortization of deferred realized losses on interest rate swaps, gain/loss on investments, gain/loss on debt extinguishment, gain on sale of vessels and stock based compensation. However, Adjusted EBITDA is not a recognized measurement under |
|
Note: Items to consider for comparability include gains and charges. Gains positively impacting net income are reflected as deductions to net income. Charges negatively impacting net income are reflected as increases to net income. |
||
The Company reports its financial results in accordance with |
||
DANAOS CORPORATION
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Three Months Ended |
||||||||||||
|
|
December 31, 2023 |
|
|
December 31, 2022 |
||||||||||||
|
|
Container
|
|
Dry Bulk
|
|
Other |
|
Total |
|
|
Container
|
|
Dry Bulk
|
|
Other |
|
Total |
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
- |
|
|
Depreciation and amortization of right-of-use assets |
|
32,343 |
|
1,180 |
|
- |
|
33,523 |
|
|
33,018 |
|
- |
|
- |
|
33,018 |
Amortization of deferred drydocking & special survey costs |
|
5,554 |
|
- |
|
- |
|
5,554 |
|
|
3,164 |
|
- |
|
- |
|
3,164 |
Amortization of assumed time charters |
|
(4,416) |
|
- |
|
- |
|
(4,416) |
|
|
(10,443) |
|
- |
|
- |
|
(10,443) |
Amortization of deferred finance costs, debt discount and commitment fees |
|
1,171 |
|
- |
|
- |
|
1,171 |
|
|
2,382 |
|
- |
|
- |
|
2,382 |
Amortization of deferred realized losses on interest rate swaps |
|
913 |
|
- |
|
- |
|
913 |
|
|
913 |
|
- |
|
- |
|
913 |
Interest income |
|
(2,686) |
|
(37) |
|
- |
|
(2,723) |
|
|
(3,147) |
|
- |
|
- |
|
(3,147) |
Interest expense |
|
3,088 |
|
- |
|
- |
|
3,088 |
|
|
10,852 |
|
- |
|
- |
|
10,852 |
(Gain)/loss on investments and dividend withholding taxes |
|
- |
|
- |
|
(20,762) |
|
(20,762) |
|
|
- |
|
- |
|
- |
|
- |
Gain on sale of vessels |
|
- |
|
- |
|
- |
|
- |
|
|
(37,225) |
|
- |
|
- |
|
(37,225) |
(Gain)/loss on debt extinguishment |
|
- |
|
- |
|
- |
|
- |
|
|
18,588 |
|
- |
|
- |
|
18,588 |
Stock based compensation |
|
6,120 |
|
220 |
|
- |
|
6,340 |
|
|
5,599 |
|
- |
|
- |
|
5,599 |
Adjusted EBITDA(1) |
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
- |
|
|
| 1. |
Adjusted EBITDA represents net income before interest income and expense, taxes other than withholding taxes on dividend, depreciation, amortization of deferred drydocking & special survey costs, amortization of assumed time charters, amortization of deferred finance costs, debt discount and commitment fees, amortization of deferred realized losses on interest rate swaps, gain/loss on investments, gain/loss on debt extinguishment, gain on sale of vessels and stock based compensation. However, Adjusted EBITDA is not a recognized measurement under |
|
Note: Items to consider for comparability include gains and charges. Gains positively impacting net income are reflected as deductions to net income. Charges negatively impacting net income are reflected as increases to net income. |
||
The Company reports its financial results in accordance with |
||
DANAOS CORPORATION
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
|
|
Year Ended |
||||||||||||
|
|
December 31, 2023 |
|
|
December 31, 2022 |
||||||||||||
|
|
Container
|
|
Dry Bulk
|
|
Other |
|
Total |
|
|
Container
|
|
Dry Bulk
|
|
Other |
|
Total |
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
Depreciation and amortization of right-of-use assets |
|
128,097 |
|
1,190 |
|
- |
|
129,287 |
|
|
134,271 |
|
- |
|
- |
|
134,271 |
Amortization of deferred drydocking & special survey costs |
|
18,663 |
|
- |
|
- |
|
18,663 |
|
|
12,170 |
|
- |
|
- |
|
12,170 |
Amortization of assumed time charters |
|
(21,222) |
|
- |
|
- |
|
(21,222) |
|
|
(56,699) |
|
- |
|
- |
|
(56,699) |
Amortization of deferred finance costs, debt discount and commitment fees |
|
5,136 |
|
- |
|
- |
|
5,136 |
|
|
11,775 |
|
- |
|
- |
|
11,775 |
Amortization of deferred realized losses on interest rate swaps |
|
3,622 |
|
- |
|
- |
|
3,622 |
|
|
3,622 |
|
- |
|
- |
|
3,622 |
Interest income |
|
(12,096) |
|
(37) |
|
- |
|
(12,133) |
|
|
(4,591) |
|
- |
|
- |
|
(4,591) |
Interest expense |
|
18,262 |
|
- |
|
- |
|
18,262 |
|
|
50,620 |
|
- |
|
- |
|
50,620 |
Income taxes |
|
- |
|
- |
|
- |
|
- |
|
|
- |
|
- |
|
18,250 |
|
18,250 |
(Gain)/loss on investments and dividend withholding taxes |
|
- |
|
- |
|
(17,867) |
|
(17,867) |
|
|
- |
|
- |
|
158,136 |
|
158,136 |
Gain on sale of vessels |
|
(1,639) |
|
- |
|
- |
|
(1,639) |
|
|
(37,225) |
|
- |
|
- |
|
(37,225) |
(Gain)/loss on debt extinguishment |
|
2,254 |
|
- |
|
- |
|
2,254 |
|
|
(4,351) |
|
- |
|
- |
|
(4,351) |
Stock based compensation |
|
6,120 |
|
220 |
|
- |
|
6,340 |
|
|
5,972 |
|
- |
|
- |
|
5,972 |
Adjusted EBITDA(1) |
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
| 1. |
Adjusted EBITDA represents net income before interest income and expense, taxes other than withholding taxes on dividend, depreciation, amortization of deferred drydocking & special survey costs, amortization of assumed time charters, amortization of deferred finance costs, debt discount and commitment fees, amortization of deferred realized losses on interest rate swaps, gain/loss on investments, gain/loss on debt extinguishment, gain on sale of vessels and stock based compensation. However, Adjusted EBITDA is not a recognized measurement under |
|
Note: Items to consider for comparability include gains and charges. Gains positively impacting net income are reflected as deductions to net income. Charges negatively impacting net income are reflected as increases to net income. |
||
The Company reports its financial results in accordance with |
||
DANAOS CORPORATION
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Three Months Ended |
||||||||||||
|
|
December 31, 2023 |
|
|
December 31, 2022 |
||||||||||||
|
|
Container
|
|
Dry Bulk
|
|
Other |
|
Total |
|
|
Container
|
|
Dry Bulk
|
|
Other |
|
Total |
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
- |
|
|
Change in fair value of investments |
|
- |
|
- |
|
(20,762) |
|
(20,762) |
|
|
- |
|
- |
|
- |
|
- |
(Gain)/loss on debt extinguishment |
|
- |
|
- |
|
- |
|
- |
|
|
18,588 |
|
- |
|
- |
|
18,588 |
Gain on sale of vessels |
|
- |
|
- |
|
- |
|
- |
|
|
(37,225) |
|
- |
|
- |
|
(37,225) |
Amortization of financing fees, debt discount & finance fees accrued |
|
466 |
|
- |
|
- |
|
466 |
|
|
2,127 |
|
- |
|
- |
|
2,127 |
Stock based compensation |
|
6,120 |
|
220 |
|
- |
|
6,340 |
|
|
5,440 |
|
- |
|
- |
|
5,440 |
Adjusted Net Income(1) |
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
- |
|
|
Adjusted Earnings per Share, diluted |
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
- |
|
|
Diluted weighted average number of shares (in thousands of shares) |
|
19,461 |
|
|
|
|
20,268 |
||||||||||
DANAOS CORPORATION
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
|
|
Year Ended |
||||||||||||
|
|
December 31, 2023 |
|
|
December 31, 2022 |
||||||||||||
|
|
Container
|
|
Dry Bulk
|
|
Other |
|
Total |
|
|
Container
|
|
Dry Bulk
|
|
Other |
|
Total |
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
Change in fair value of investments |
|
- |
|
- |
|
(17,867) |
|
(17,867) |
|
|
- |
|
- |
|
176,386 |
|
176,386 |
(Gain)/loss on debt extinguishment |
|
2,254 |
|
- |
|
- |
|
2,254 |
|
|
(4,351) |
|
- |
|
- |
|
(4,351) |
Gain on sale of vessels |
|
(1,639) |
|
- |
|
- |
|
(1,639) |
|
|
(37,225) |
|
- |
|
- |
|
(37,225) |
Amortization of financing fees, debt discount & finance fees accrued |
|
2,201 |
|
- |
|
- |
|
2,201 |
|
|
11,520 |
|
- |
|
- |
|
11,520 |
Stock based compensation |
|
6,120 |
|
220 |
|
- |
|
6,340 |
|
|
5,440 |
|
- |
|
- |
|
5,440 |
Adjusted Net Income(1) |
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
Adjusted Earnings per Share, diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted average number of shares (in thousands of shares) |
|
19,904 |
|
|
|
|
20,501 |
||||||||||
1 The Company reports its financial results in accordance with
View source version on businesswire.com: https://www.businesswire.com/news/home/20240213662691/en/
Company Contact:
Evangelos Chatzis
Chief Financial Officer
Danaos Corporation
Tel.: +30 210 419 6480
E-Mail: cfo@danaos.com
Investor Relations and Financial Media
Rose & Company
Tel. 212-359-2228
E-Mail: danaos@rosecoglobal.com
Source: Danaos Corporation
FAQ
What are Danaos Corporation's (DAC) unaudited financial results for Q4 and the year ended Dec 31, 2023?
What major acquisitions did Danaos complete recently?
What newbuildings does Danaos have in its orderbook?
How much did Danaos repurchase shares for?
What dividend did Danaos declare for Q4 2023?
